SNC Lavalin (TSX:SNC)
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MONTREAL, May 31, 2011 /CNW/ --
MONTREAL, May 31, 2011 /CNW Telbec/ - The Board of Directors of
SNC-Lavalin Group Inc. (the "Corporation") has filed a notice to renew,
for a 12-month period, its normal course issuer bid, which will expire
on June 1, 2011. In the notice, the Corporation states that a maximum
of 3,000,000 Common Shares, representing less than 2% of the issued and
outstanding Common Shares as of May 18, 2011, may be purchased for
cancellation. As of May 18, 2011, the Corporation had 150,825,073
Common Shares issued and outstanding, 123,694,857 of which made up the
public float.
The Board of the Corporation believes that the purchase of its shares
makes appropriate and desirable use of its available cash. As a
general practice, the Corporation repurchases its Common Shares mainly
to offset the dilutive effect of stock issuance under its stock option
programs. Therefore, the Corporation believes that the offer is in the
best interest of SNC-Lavalin Group Inc. and its shareholders.
These purchases are to be made through the facilities of the Toronto
Stock Exchange and/or alternative Canadian trading platforms, in
accordance with the Toronto Stock Exchange's policy on normal course
issuer bids. The price the Corporation will pay for any Common Shares
will be the market price at the time of acquisition, plus brokerage
fees. Purchases may commence on June 2, 2011 and will terminate no
later than June 1, 2012. Certain directors and senior officers of the
Corporation may sell securities of the Corporation during the course of
the normal course issuer bid. During the period that the Normal Course
Issuer Bid is outstanding, the Corporation does not intend to make
purchases of its Common Shares other than by means of open market
transactions or such other means as may be permitted by the Toronto
Stock Exchange and securities regulatory authorities as applicable,
including block purchases of Common Shares.
The average daily trading volume of the Corporation's Common Shares
through the facilities of the Toronto Stock Exchange over the last six
completed calendar months was 265,349 ("ADTV"). Accordingly, under the
Toronto Stock Exchange Rules and policies, the Corporation is entitled
on any trading day to purchase up to 25% of the ADTV, which totals
66,337 Common Shares, for the next 12-month period of the Normal Course
Issuer Bid. In excess of the daily 66,337 repurchase limit, the
Corporation may also purchase, once a week, a block of Common Shares
not owned by any insiders, which may exceed such daily limit, in
accordance with the Toronto Stock Exchange Rules.
During the period from June 2, 2010 to May 18, 2011 inclusively, the
Corporation purchased 1,107,500 of its outstanding Common Shares, at a
weighted average price of $56.18.
SNC-Lavalin (TSX: SNC) is one of the leading engineering and
construction groups in the world and a major player in the ownership of
infrastructure, and in the provision of operations and maintenance
services. SNC-Lavalin has offices across Canada and in 35 other
countries around the world, and is currently working in some 100
countries. In business since 1911, the Company celebrates its 100(th) anniversary in 2011. www.snclavalin.com.
_____________________________________________________________________
|Reference in this press release, and hereafter, to the "Company" or |
|to "SNC-Lavalin" means, as the context may require, SNC-Lavalin Group|
|Inc. and all or some of its subsidiaries or joint ventures, or |
|SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint |
|ventures. Statements made in this press release that describe the |
|Company's or management's budgets, estimates, expectations, |
|forecasts, objectives, predictions or projections of the future may |
|be "forward-looking statements", which can be identified by the use |
|of the conditional or forward-looking terminology such as |
|"anticipates", "believes", "estimates", "expects", "may", "plans", |
|"projects", "should", "will", or the negative thereof or other |
|variations thereon. The Company cautions that, by their nature, |
|forward-looking statements involve risks and uncertainties, and that |
|its actual actions and/or results could differ materially from those |
|expressed or implied in such forward-looking statements, or could |
|affect the extent to which a particular projection materializes. For |
|more information on risks and uncertainties, and assumptions that |
|would cause the Company's actual results to differ from current |
|expectations, please refer to the section "Risks and Uncertainties" |
|and the section "How We Analyze and Report our Results", |
|respectively, in the Company's 2010 Financial Report under |
|"Management's Discussion and Analysis". The forward-looking |
|statements herein reflect the Company's expectations as at the date |
|of this press release and are subject to change after this date. The |
|Company does not undertake any obligation to update publicly or to |
|revise any such forward-looking statements, unless required by |
|applicable legislation or regulation. |
|_____________________________________________________________________|
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/May2011/31/c9064.html
table border="0" valign="top" tr td bInvestors/b: /td td /td td bMedia/b: /td /tr tr td colspan="3" /td /tr tr td Denis Jasminbr/ Vice-President, Investor Relations br/ 514-393-8000, ext. 7553 br/ a href="mailto:denis.jasmin@snclavalin.com"udenis.jasmin@snclavalin.com/u/a /td td /td td Leslie Quintonbr/ Vice-President, Global Corporate Communicationsbr/ 514-393-8000, ext. 7354br/ a href="mailto:leslie.quinton@snclavalin.com"leslie.quinton@snclavalin.com/a /td /tr tr td colspan="3" /td /tr tr td colspan="3" SNC-Lavalin press releases are available on its website at a href="http://www.snc-lavalin.com/"www.snclavalin.com/a. /td /tr /table p /p